E-Commerce to touch $38 bn mark by 2016: Assocham

As per one of the recent reports by industry body Assocham, India's eCommerce market is all set to touch a whooping figure of $38 billion by the end of 2016. This is a 67 percent hike over the $23 billion revenues for 2015.

Indian Retailer Bureau
Sub Editor

As per one of the recent reports by industry body Assocham, India’s eCommerce market is all set to touch a whooping figure of $38 billion by the end of 2016. This is a 67 percent hike over the $23 billion revenues for 2015.
"India's e-commerce market was worth about $3.8 billion in 2009, it went up to $17 billion in 2014 and to $23 billion in 2015 and is expected to touch whopping $38 billion mark by 2016," Assocham said in a statement.
There would be over a five to seven fold increase in revenue generated through e-commerce as compared to last year with all branded apparel, accessories, jewellery, gifts, footwear are available at a cheaper rates and delivered at the doorstep, it added.
Increasing internet and mobile penetration, growing acceptability of online payments and favourable demographics has provided the e-commerce sector in India the unique opportunity to companies connect with their customers, it said.
The buying trends during 2016 will witness a significant upward movement due to aggressive online discounts, rising fuel price and wider and abundant choice will hit the e-commerce industry in 2016, Assocham predicts.
Even mobile commerce (m-commerce) is growing rapidly as a stable and secure supplement to the e-commerce industry, it said.
"Shopping online through smart phones is proving to be a game changer, and industry leaders believe that m-commerce could contribute up to 70 per cent of their total revenues," the statement added.
In India roughly 60-65 per cent of the total e-commerce sales are being generated by mobile devices and tablets, increased by 50 per cent than the last year and also likely to continue upwards, it added.